A global work lifestyle is considerably different from the traditional work setting of people who earn locally. The traditional work setting is more rigid, providing structure for work hours, payment processing, and real-time communication and collaboration. On the other hand, remote workers and freelancers working with international or multinational companies and clients have to ensure this structure on their own. It entails managing collaboration and communication across different time zones, finding a sustainable work-life balance, and managing your finances right.
Delving into the global work lifestyle from the US can be daunting, but with the right plan in place, you can pull it off. We are also here to guide you through the process and ensure a stress-free experience.
Also read: Using your money abroad: a simple guide for US travellers
Global work lifestyle varies from person to person, depending on the work structure. You can work remotely for a US-based company while exploring other countries as a digital nomad. Some other professionals work for companies outside the US while living in the US. Whatever bracket you fall into, it is essential that you define what your work role requires and balance it with your social life to have the best experience. You may be required to clarify your remote work status with your employer. Not all remote jobs allow you to work from anywhere due to labour laws and tax implications.
Once you have clarified the degree of freedom you have as a remote worker, you can easily plan where you’ll settle down. Being able to move around is one of the perks of being a remote worker, but you must properly research your next destination to avoid getting stranded. Consider the time zone and ensure it overlaps significantly with the rest of the team and your clients. Otherwise, you will be on a Zoom call by 2 am, half-asleep, and your manager is expecting you to contribute. Reliable internet, time zone alignment, visa rules, and the cost of living also matter when moving to a new country.
Many remote workers end up paying more taxes on their global income than they should because they aren’t aware of the local tax regulations. Your country might have Double Tax Agreements with other countries. This means that if you already file your taxes in one country, you don’t have to pay again in another. The US imposes a global tax, meaning that, as a US citizen, you must pay your taxes to the US government. Understanding tools like the Foreign Earned Income Exclusion (FEIE), foreign tax credits, and state tax residency rules can significantly affect how much you’ll pay.
Also read: How to handle foreign income taxes as a remote worker
Many global professionals struggle to manage their income when working in a different country with a different currency. Local banking regulations, unfair conversion rates, delayed transaction processes, and high charges cause a lot of discomfort and reduce your earnings. Opting for digital payment options with multi-currency support allows you to receive payments in US, EUR, and GBP efficiently. Platforms like Grey even provide a travel-friendly virtual USD card to support your spending abroad.
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It is easy to get caught in the social frenzy of remote work and forget it is actually about having more flexibility around work. You might need to consciously remind yourself that you’re not on vacation. Building a sustainable routine helps you create a structure around the flexibility of remote work. You also need some discipline to ensure you remain focused, productive, and grow. Have dedicated work hours and off times, have a workspace (within your residence, a café, or a co-working space), and set boundaries.
As a global worker, it is very likely that your income and expenses fluctuate. This poses a major dilemma for many, especially when income is lower. Having some financial stability is very important for a positive experience as a global worker. Building your savings and emergency funds can bail you out on rainy days. Save up enough to last three months’ worth of expenses. Saving in USD helps you hedge against inflation, so don’t convert all your earnings to a local currency.
Also read: A complete guide to budgeting as a remote worker
A global work lifestyle requires a global financial plan. Planning your global work lifestyle without adequately considering setting up a reliable payment option can leave you stranded in a new country or fork out a lot of money to fees and unfair conversions. Setting up a Grey account gives you multi-currency accounts that support USD, EUR, and GBP payments, so you can receive your earnings without stress. Apart from fast payment processing and low transaction fees, Grey allows you to withdraw to local bank accounts at favourable exchange rates. If you are planning for a global work lifestyle, then you have to plan with Grey.
Get started on Grey today or download the app to enjoy a reliable global payment solution for global workers.
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